Following the issuance of the Exposure Draft of Merchant Acquiring Services Policy Document on 17 July 2020 ("MAS Exposure Draft") (click here for our client alert on the MAS Exposure Draft), Bank Negara Malaysia (BNM) has now issued the final Policy Document on Merchant Acquiring Services on 15 September 2021 ("MAS Policy Document").
The MAS Policy Document focuses on risk management and applies to Qualified Acquirers (defined below). Requirements in relation to minimum capital, governance, operations (e.g., merchant management and outsourcing), information technology and reporting obligations have been introduced. These measures are designed to enhance BNM's supervision and regulation of Qualified Acquirers.
Some of the key requirements and standards are set out below.
Key Requirements and Standards
Minimum Capital Requirements for Non-Bank Qualified Acquirers
Settlement Risk Management
Dealings with Merchants and Other Parties Who May Expose Merchants to Payment and/or Settlement Risks ("Payment Parties")
Business Continuity Management
Information Technology Requirements
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